In a week filled with exciting developments in the world of cryptocurrency, China has made a surprising shift in its stance on crypto, Bitwise Asset Management has launched a national TV ad for a Bitcoin ETF, and a new dog-themed memecoin is making waves in the market.
One of the biggest stories of the week is the rise of Solana’s SOL token, which has now become the fourth-largest cryptocurrency globally, surpassing Ripple’s XRP and Binance’s BNB. The surge in SOL’s price is attributed to the thriving DeFi ecosystem and the popularity of meme coins on the Solana network, particularly Bonk. Solana’s total locked value has exceeded $1 billion, and its daily stablecoin transfer volume has skyrocketed by 600%, surpassing Ethereum and Tron.
In a surprising turn of events, China has announced a shift in its policies on crypto, with the Ministry of Industry stating that it will place great importance on the development of the crypto industry in the future. This marks a complete U-turn from the Chinese crypto trading ban introduced in 2021, as the country now embraces NFTs and blockchain-based decentralized applications.
Bitwise Asset Management has made headlines with the launch of its first commercial for a spot Bitcoin ETF, featuring actor Jonathan Goldsmith, known for his role as The Most Interesting Man in the World. The commercial draws a parallel between the intriguing nature of Bitcoin and the iconic character, airing on major TV outlets like CNBC and Fox Business Network.
The latest trend of inscribing everything from profile pictures to memecoins on blockchains has led to major blockchain networks experiencing partial or full outages. Arbitrum, Avalanche, Cronos, and The Open Network have all struggled due to the increased number of inscriptions, as users spam tiny mints repeatedly because of the lower cost of minting on these chains.
Coinbase has secured registration with the French markets regulator, allowing the cryptocurrency exchange to operate digital currency services in the country. This move is part of Coinbase’s global expansion strategy, as it seeks to offer retail, institutional, and ecosystem products to users in France.
In Hong Kong, regulators are open to considering spot crypto ETF applications following expectations that the SEC might soon approve spot Bitcoin ETFs in the US. The SFC’s rule update in October has widened investor access to spot crypto and ETF investments, paving the way for the acceptance of applications in Hong Kong.
Sam Altman, the ex-CEO of OpenAI, has promoted the Worldcoin project, which aims to create a global network where users can exchange their irises for a digital ID and free tokens. The project is reportedly seeking $50 million in funding and has already scanned the irises of over 2 million people.
Lastly, a new dog-themed memecoin called Bonk has emerged, following in the footsteps of previous successful memecoins like Shiba-Inu and Dogecoin. The value of Bonk has rapidly increased, driven by the excitement of Solana’s Saga phone owners being able to claim BONK tokens for free. As Bonk’s hype has waned, another Solana-based memecoin, Dogwifhat, has surged by 1000% in a month.
That’s a wrap on this week’s top stories in crypto. Stay tuned for more updates in the world of cryptocurrency.
